(Constitutional Amendment) Removes the income requirement for purposes of qualifying for the special assessment level (OR SEE FISC NOTE LF RV See Note)
Impact
If enacted, HB 329 would significantly alter how property valuations are conducted for tax purposes, particularly for homeowners who benefit from the homestead exemption. By eliminating the income cap, it would expand eligibility for the special assessment, potentially benefiting many residential property owners who exceed the current limit. This change could lead to increased tax exemptions for a broader swath of the population, thereby affecting funding for local government services that depend on property tax income.
Summary
House Bill 329 aims to amend the Louisiana Constitution by removing the income limit that qualifies residential property owners for a special assessment level on property subject to ad valorem tax. Currently, to qualify for this special assessment level, individuals must have a combined annual federal adjusted gross income of $50,000 or less. This income requirement has been previously adjusted based on the Consumer Price Index, with the amount reaching approximately $69,430 in 2013. The bill proposes that individuals should not be restricted by any income threshold when applying for the special assessment level.
Sentiment
The sentiment surrounding HB 329 appears to be mixed among stakeholders. Supporters of the bill, including some legislators and property rights advocates, argue that the removal of the income limit enables greater equity and fairness in property taxation by allowing more residents to qualify for tax relief. Conversely, critics express concerns that such a change could reduce the tax base for local governments, potentially impairing essential services like education, infrastructure, and public safety. This division highlights the broader tension between individual taxpayer relief and the fiscal health of local governmental entities.
Contention
Notable points of contention include the potential economic implications of removing the income requirement. While proponents view this bill as a way to help residents retain their homes during economic hardship, opponents worry it may result in reduced revenue for local governments and skewed property tax burdens. There is also a discussion about whether the amendment could disrupt existing financial planning mechanisms for local services that rely on a specific level of ad valorem tax income. The debate underscores differing priorities between maximizing individual tax relief versus maintaining stable public funding.
(Constitutional Amendment) Increases the income threshold for purposes of qualifying for the special assessment level (EN SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Removes the requirement that certain property owners annually certify income to receive the special assessment level for ad valorem property taxes (EN NO IMPACT LF RV See Note)
Constitutional amendment to remove the income limit on persons age 65 or older receiving a special assessment on residential property. (1/1/15) (2/3-CA13s1(A)) (EG SEE FISC NOTE LF RV See Note)
(Constitutional Amendment) Increases the income limit for qualification for the special assessment level for property subject to ad valorem tax (OR SEE FISC NOTE LF RV See Note)
Constitutional amendment to exclude owners who are permanently totally disabled from the requirement that they annually certify to the assessor the amount of their adjusted gross income in order to receive the Special Assessment Level. (1/1/15) (2/3-CA13s1(A)) (EN DECREASE LF RV See Note)
(Constitutional Amendment) Provides relative to the calculation of certain persons' income for purposes of determining eligibility for the special assessment level for property receiving the homestead exemption (OR SEE FISC NOTE LF RV)
Constitutional amendment to allow persons 65 years of age or older to receive the special assessment regardless of income. (1/1/11) (2/3-CA13s1(A)) (OR SEE FISC NOTE LF RV See Note)